Amalgamated Bank Decreases Stake in PROG Holdings, Inc. (NYSE:PRG)

Amalgamated Bank decreased its stake in shares of PROG Holdings, Inc. (NYSE:PRG) by 6.2% during the third quarter, Holdings Channel reports. The firm owned 12,416 shares of the company’s stock after selling 815 shares during the quarter. Amalgamated Bank’s holdings in PROG were worth $602,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Whittier Trust Co. purchased a new position in shares of PROG during the 3rd quarter worth $26,000. Financial Management Professionals Inc. purchased a new stake in PROG during the 3rd quarter valued at approximately $33,000. GAMMA Investing LLC raised its position in shares of PROG by 72.0% during the third quarter. GAMMA Investing LLC now owns 805 shares of the company’s stock valued at $39,000 after buying an additional 337 shares during the last quarter. Point72 DIFC Ltd purchased a new position in shares of PROG in the second quarter worth $47,000. Finally, DekaBank Deutsche Girozentrale bought a new position in shares of PROG during the first quarter worth $59,000. 97.92% of the stock is currently owned by hedge funds and other institutional investors.

PROG Price Performance

NYSE PRG opened at $47.72 on Friday. The company has a market cap of $1.98 billion, a price-to-earnings ratio of 13.22 and a beta of 2.11. The company has a debt-to-equity ratio of 0.94, a current ratio of 4.97 and a quick ratio of 2.34. The stock’s fifty day moving average price is $46.92 and its 200 day moving average price is $41.23. PROG Holdings, Inc. has a 1 year low of $26.39 and a 1 year high of $50.28.

PROG (NYSE:PRG) last released its quarterly earnings data on Wednesday, October 23rd. The company reported $0.77 earnings per share for the quarter, topping analysts’ consensus estimates of $0.76 by $0.01. The firm had revenue of $606.10 million for the quarter, compared to analyst estimates of $601.86 million. PROG had a net margin of 6.55% and a return on equity of 24.56%. The business’s quarterly revenue was up 4.0% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.90 earnings per share. As a group, equities research analysts forecast that PROG Holdings, Inc. will post 3.35 earnings per share for the current year.

PROG Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 3rd. Stockholders of record on Tuesday, November 19th will be paid a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 1.01%. The ex-dividend date of this dividend is Tuesday, November 19th. PROG’s payout ratio is 13.30%.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on PRG shares. Loop Capital raised PROG from a “hold” rating to a “buy” rating and lifted their target price for the stock from $41.00 to $55.00 in a report on Monday, August 19th. Jefferies Financial Group upped their price objective on PROG from $50.00 to $58.00 and gave the stock a “buy” rating in a report on Tuesday, October 1st. KeyCorp increased their target price on PROG from $46.00 to $55.00 and gave the company an “overweight” rating in a research report on Tuesday, September 10th. Raymond James upgraded shares of PROG from a “market perform” rating to an “outperform” rating and set a $48.00 price target on the stock in a research report on Thursday, October 24th. Finally, TD Cowen increased their price objective on shares of PROG from $40.00 to $47.00 and gave the company a “buy” rating in a research report on Thursday, July 25th. One research analyst has rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $53.83.

Insider Activity

In related news, CEO Steven A. Michaels sold 27,324 shares of the firm’s stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $47.19, for a total transaction of $1,289,419.56. Following the completion of the sale, the chief executive officer now directly owns 409,209 shares in the company, valued at approximately $19,310,572.71. This trade represents a 6.26 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Michael Todd King sold 1,500 shares of PROG stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $46.97, for a total transaction of $70,455.00. Following the sale, the insider now directly owns 37,017 shares in the company, valued at approximately $1,738,688.49. The trade was a 3.89 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 119,207 shares of company stock worth $5,759,152 in the last quarter. Corporate insiders own 2.74% of the company’s stock.

PROG Company Profile

PROG Holdings, Inc (NYSE:PRG) is a financial technology holding company based in Salt Lake City, Utah with three business segments: Progressive Leasing, which offers lease-to-own transactions primarily to credit-challenged consumers through e-commerce and point-of-sale retail partners, via online, mobile, and in-store solutions; Vive Financial, which provides consumers who may not qualify for traditional prime lending with a variety of second-look, revolving credit products through private label and branded credit cards; and Four Technologies, which provides consumers of all credit backgrounds Buy Now, Pay Later (BNPL) options through four interest-free installments via its platform, Four.